Knowing The Cost Of Filing Bankruptcy

Knowing The Cost Of Filing Bankruptcy

This is a very common question that is asked towards me everyday. Quite strange for the people since when they seek for an attorney to do something for them, they have in their actions that it is very easy and its just like looking for someone who can easily fix things.For the services that were likened above, these services have a routinize characteristic and at the same time, the situation may not vary that much the cost is comparable. The price of filing a bankruptcy case depends on the type of case that you have put yourself into, the lawyer at first examines the best legal relief that is best for you. In general, a price cannot be determined if at first hand you do not know what you will buy. The cost of filing bankruptcy varies on a case to case basis.

Under the bankruptcy discharge, people who failed to pay their debts even before the bankruptcy are removed from their legal obligation to pay.The bankruptcy exemptions outlines some specific properties that they could keep from creditor claims, usually these properties are protected by law.

Chapter 7 (elimination of debts) Bankruptcy or Chapter 13 Bankruptcy (payment plan), one of these methods may apply depending on the family income of the client. In a different type of bankruptcy case, the fee may vary.

Overall, an individual consumer case may vary since the situation is different in every case, so the legal fees that will be incurred in it are also not fixed, the legal fees will be based on the complexity of the case, the time of preparation for the case and lastly, the time that would be spent after filing the case. People had these beliefs that filing Bankruptcy takes no hassles, but what is really behind it are the legal issues that a bankrupt client has to face and encounter. For a well prepared case, it is an important move to gather and organize the information that are pertinent to the clients through documentation, after which, these documents will be transmitted to the trustee (usually 4 years of tax returns and 60 days worth of pay stubs). And even more to prepare for the case, the “means test”, will be conducted basing from the income of the clients for the 6 months. So the calculation for the means test really requires a specific amount information. It is now the job of the lawyer to represent their client during court hearings ordered by the creditors, as well as any meetings ordered by creditors after the case has been filed. The lawyers negotiate separate agreements called reaffirmation agreements on merchandise or vehicles if the client wishes to keep the item and can afford to pay for it as long as necessary.

In business cases, many more documents are reviewed, and more information is necessary for the bankruptcy petition.

BThis is totally a a very long answer to the question. But you should also realize that the answer is not usually that easy. This is the reason behind why bankruptcy lawyers offer free consultation first so once you will know exactly how much it will cost you, then it’s the time the you make a decision and the bankruptcy lawyers will be the one who’ll take care of your case.

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